Good find on the expenses Coy. My "guess" would be that Prospector Capital Appreciation would continue to keep the expenses capped at 1.50%, or even reduce it when and if the asset base grows. Most, if not all, actively managed mutual funds have some sort of cap on their total expenses.
I'm also going to pass on PCAFX for now but I am definitely interested in any fund that Rich Howard has a say in. From the little I read on the Prospector web site, Gillespie is the "lead" manager.
Regarding expenses.....
Note the 11.28% annualized Ratio of Expenses to Average Net Assets before expense reimbursement from the Annual Report dated 12/31/07:
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
Net
assets, end of period (in thousands)
|
|
$ |
8,168
|
|
|
Ratio
of expenses to average net assets:
|
|
|
|
|
|
Before
expense reimbursement
|
|
|
11.28 |
%(3) |
|
After
expense reimbursement
|
|
|
1.50 |
%(3) |
|
Ratio
of net investment income (loss) to average net assets:
|
|
|
|
|
|
Before
expense reimbursement
|
|
|
(9.38 |
)%(3) |
|
After
expense reimbursement
|
|
|
0.40 |
%(3) |
|
Portfolio
turnover rate
|
|
|
5 |
%(2) |
